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11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have

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11. Calculating minimum payment. You have a credit card with an APR of 36%. The minimum payment is 10% of the balance. Suppose you have a balance of $800. You decide to stop charging and make only the minimum payment. The initial payment will be 10% of $800, or $80. Calculate the minimum payment for the next two months. (Be sure to take into account the finance charges.)

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